Originally Posted by lkar

I had a similar situation where AA discretionarily refunded me due to a schedule change. It was cash and points. It took Chase about 3 weeks to redeposit the points and credit the cash.

It was interesting because the AA refund showed the last 4 digits of the card to which the refund went and they were different from the last four of my Chase reserve. It took a while, but I finally got someone at ultimate rewards travel to explain it to me. They have a "master" card or cards that pay the airlines out of one card account (or a handful). When refunds come back to the master account it takes a while to reconcile it, and then another period for connexions or whatever to ping chase to refund the account.